Texas Pacific Land Corporation (NYSE:TPL) Stock Position Lifted by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. raised its stake in Texas Pacific Land Corporation by 35.4% during Q1, owning approximately $31.26 million worth of shares.
• The company recently reported a quarterly earnings miss with $5.24 EPS, falling short of analysts' expectations of $5.27 EPS.
• Texas Pacific Land declared a quarterly dividend of $1.60 per share, resulting in an annualized yield of 0.65%.

Pacer Advisors Inc. increased its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 35.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,593 shares of the financial services provider's stock after purchasing an additional 6,171 shares during the quarter. Pacer Advisors Inc. owned 0.10% of Texas Pacific Land worth $31,260,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Assetmark Inc. raised its holdings in shares of Texas Pacific Land by 50.0% in the 1st quarter. Assetmark Inc. now owns 39 shares of the financial services provider's stock worth $52,000 after purchasing an additional 13 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Texas Pacific Land by 5.3% in the 1st quarter. Cetera Investment Advisers now owns 1,852 shares of the financial services provider's stock worth $2,454,000 after purchasing an additional 94 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Texas Pacific Land by 79.1% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,253 shares of the financial services provider's stock worth $2,985,000 after purchasing an additional 995 shares in the last quarter. FreeGulliver LLC bought a new stake in shares of Texas Pacific Land in the 1st quarter worth approximately $252,000. Finally, Principle Wealth Partners LLC raised its holdings in shares of Texas Pacific Land by 4.9% in the 1st quarter. Principle Wealth Partners LLC now owns 854 shares of the financial services provider's stock worth $1,132,000 after purchasing an additional 40 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Up 1.0%

Shares of Texas Pacific Land stock traded up $9.89 during trading on Friday, hitting $979.33. The stock had a trading volume of 182,922 shares, compared to its average volume of 145,324. The stock has a 50 day simple moving average of $1,097.61 and a 200 day simple moving average of $1,246.72. The company has a market capitalization of $22.51 billion, a PE ratio of 48.99 and a beta of 1.08. Texas Pacific Land Corporation has a 1 year low of $736.75 and a 1 year high of $1,769.14.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.27 by ($0.03). The firm had revenue of $195.98 million during the quarter, compared to analysts' expectations of $211.00 million. Texas Pacific Land had a return on equity of 40.04% and a net margin of 63.24%.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.65%. The ex-dividend date was Monday, June 2nd. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.02%.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.